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| Andrew Graham |
Cube International may be in financial trouble.
The company recently announced a management buy out led by former Hereford FC chairman Andrew Graham.
On October 9th Graham was appointed to twelve different companies in the 'Cube' group.
However news late last week that the company has had a contract with the Isle of Man TT terminated and then Monday's revelation that they've pulled out from backing the Worcester Warriors Women appears to have started the speculation.
Cube International agreed a ten year sponsorship deal with the Warriors Women last May.
Director of rugby Joe Yapp spoke to the BBC.
"We knew Cube were undertaking an MBO, they'd told us that, but we were informed we were very much part of that and, if anything, we'd be better for it in terms of investment.
"There have been some issues with salaries, which we were told were right across the whole of Cube, which I understood was the case, so we weren't too concerned because with the MBO there are challenges around transferring things across.
"We were reassured that we'd be fine but on Monday we were told we were not longer part of the MBO and that was it."
Meanwhile the Worcester News suggests the company owes £100,000 to the Isle of Man Government.
Last week after the MBO was completed chairman Graham commented.
“After assuming control of much of the management of the Group as CEO since April this year, I have been working resolutely to realign areas of the business throughout the business, which has included some restructuring to counter the impact experienced on the back of some internal and external shortcomings.
“I am delighted to take over as Cube’s new owner and Chairman and am exceptionally pleased that we will be retaining Andy Moss’ services within the business. His knowledge and vision within the global sports event world are second to none, and he will be instrumental in leading our key partnerships and collaborations going forward, as well as working alongside the Cube teams to ensure comprehensive transfer of his insight and expertise.
“A key component of the MBO is that I will be bringing in investment to underpin the stability of the business, to fulfil an already secured, amazing pipeline of business in 2024 and to continue to fuel growth. I am really looking forward to continuing to work alongside an exceptional team of professionals, delivering quality products, supplying unparalleled customer services, in demanding circumstances.”